​A Sudden Decrease in the Market Demand in a Competitive

question 63

Multiple Choice

​A sudden decrease in the market demand in a competitive industry leads to

• A)​Losses in the short-run and average profits in the long-run
• B)Above average profits in the short-run and average profits in the long-run
• C)New firms being attracted to the industry
• D)​Demand creating supply

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Definitions:

Planning Duties

Involves outlining tasks, setting goals, and determining the actions required to achieve those goals within an organization.

Evaluating Duties

The process of assessing the responsibilities and functions associated with a specific job role to determine its importance and requirements.

Job Scope

Refers to the breadth and depth of responsibilities and duties associated with a job position, impacting the employee's perceptions and satisfaction with their role.

Task Variety

The degree to which a job involves a range of different activities requiring various skills and talents.